New York, USA, Aug. 03, 2021 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global video streaming software market is anticipated to garner revenue of $19,537.1 million by 2027, rising from $4,488.3 million in 2019 at a steady CAGR of 20.4% from 2020-2027.
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Impact of COVID-19 on the Global Video Streaming Market
The COVID-19 virus affected several industries negatively, but the global video streaming platform experienced a positive growth during the time period. Due to lockdowns implemented by countries all over the world, corporates, businesses as well as educational institutes had to switch to the online medium for work purposes. This also resulted in a boost in the growth rate for the video streaming market as platforms such as Zoom had over 200 million participants using the service per day. These factors ensured the growth of the market amidst the pandemic.
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Market Dynamics
Growth: Online video streaming services have gained popularity over the years not just for entertainment purposes but also for corporate trainings. A renowned video technology service provider, Kaltura, provided insight into a survey that was conducted to analyze how video platforms are being used. They also observed the kind of impact these platforms had on individuals and concluded that over 69% employees found the learning process was simpler via video streaming platforms. It was easier to understand and keep in mind compared to the conventional written documents. Also, the availability of multiple video streaming services such as YouTube, Netflix, Hotstar and Prime Video have ensured extensive amount of infotainment for people. These factors have ensured the growth of the video streaming market in the forecast period.
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Restraints: On the contrary, developing nations all over the world are yet to have decent internet facilities which tend to cause connectivity issues with video streaming platforms. To add further, the exorbitant subscription costs along with online safety factors are expected to cause a hindrance in the growth of the market in the analysis period.
Opportunities: Lately, multiple video streaming platforms have been introducing advanced technology such as augmented reality as well as artificial intelligence into their services. These features help in enhancing the streaming capacity of videos while also allowing content management within the platform. These factors are predicted to help the market find multiple opportunities of growth in the estimated timeframe.
Segmental Analysis
The report has categorized the market into multiple segments based on component, streaming type, deployment, and vertical.
Solution Sub-Segment Predicted to Gain Highest Market Share
By component, the solution sub-segment garnered a revenue of $2,556.2 million in 2019 and is predicted to increase further. This growth is credited to the utilization of solutions by multiple network providers to ensure the best quality streaming facility for the viewers.
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Live Streaming Sub-Segment Expected to Dominate the Market
By streaming type, the live streaming sub-segment is expected garner revenue of $11,175.3 million by 2027, and is set to rise further at a CAGR of 60.8%. Several organizations as well as educational institutes have been shifting to using technology for their work process. The live streaming facility also ensures that it is able to reach the appropriate target audience while ensuring exceptional quality of content. These factors are set to boost the growth of the segment.
On Premise Sub-Segment Predicted to Gain Highest Revenue
By deployment, the on-premise sub-segment is anticipated to garner significant revenue of $10,046.4 million by 2027, rising from $2,588.2 million in 2019. The ability to have complete control over the functioning of the streaming platform while also ensuring safety of the organizations data is set to contribute to the growth of the segment.
Media and Entertainment Sub-segment to Gain Momentum in the Market
By vertical, the media and entertainment sub-segment is anticipated to grow significantly at a steady CAGR of 20.3% in the forecast period. Various video streaming platforms also use their facility not just as mediums to promote products but also for advertising purposes. This has ensured the rapid growth of the segment over the forecast period.
Regional Analysis
The Asia-Pacific region is expected to garner the highest revenue of $3,848.8 million by 2027 in the forecast period. Live streaming service is the most popular facility that countries in the region have been utilizing due to its convenience factor. The facility is also used for corporate trainings and other purposes which are expected to propel the growth of the market.
Key Market Players
The report also contains an extensive list of key players whose strategies have assisted in the growth of the market. These include mergers, product launches, partnerships, and collaborations. Some of them are as listed below –
1. Sonic Foundry
2. Limelight Networks
3. Haivision
4. Akamai Technologies
5. IBM
6. Vbrick
7. Plantronics, Inc
8. Brightcove, Inc
9. Kaltura, Inc
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In September 2019, Limelight Networks, a prominent leader in the field of cloud services announced a vast array of updates for its video delivery service. The organization decided to upgrade the quality of videos while also adding Adaptive Bit Rate (ABR) assistance to their realtime streaming service. This will provide the users with the best quality videos depending on the status of their network.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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